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On a production possibilities curve, growth is represented by: a. a movement down the production possibilities curve. The downward slope of the production possibilities curve is an implication of scarcity. Unemployed resources are represented by points below the frontier. Refer to the table below to answer Question 9 and 10. the amount of the good on the horizontal axis forgone. 0000005238 00000 n
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Topic: Production Possibilities Frontier B) is associated with unused resources. :)�!�=�%��?�������J�JIE E�㌡��X ���b����G��xf��1�`7�y���ƨ�L�j3*c���s�(�>�5VCG1�vt�( ����⸀� v� !F �� T �Y��a3i@��!�T�n�IPi����1��"� Econ Isle’s production possibilities are graphed to show its frontier, and then used to discuss the opportunity costs of its production and consumption decisions. The PPF is called a frontier or a boundary line because any point on the curve represents full employment Economic growth is represented on a production possibilities frontier (PPF) by the PPF a. getting steeper. D) the fact For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! The opportunity cost of increasing the production of laptops from 0 to 1 000 is 2 000 mobile phones, whereas increasing the production of laptops from 3 … 0000007729 00000 n
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B) the fact that there are only two goods in the diagram. C) technological progress. ��ֻ`���Q�`����f��b�Zg.�t ��@���. B) the fact that there are only two goods in the diagram. �"����` 13) Scarcity is represented on the production possi- D) is attainable the fact there are attainable and unattainable points. C) technological progress. 5) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. Answer: D Topic: Production Possibilities Frontier Skill: Analytical AACSB: Analytical Skills 22) On the vertical axis, the production possibilities frontier shows ________; on the horizontal axis, the production possibilities frontier shows ________. Along its production possibilities frontier (PPF) an economy can produce 0X and 15Y, 10X and 10Y, 20X and 5Y, or 30X and 0Y. N��c� �C��)�������,k�
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This preview shows page 20 - 22 out of 31 pages. 13)Scarcity is represented on the production possibilities frontier by A)the fact that there are only two goods in the diagram. 10) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. B) the fact that there are only two goods in the diagram. 0000004656 00000 n
Scarcity is represented on a production possibilities frontier figure by the fact there are attainable and unattainable points If the marginal benefit from another computer exceeds the marginal cost of the computer, then to use resources allocatively C) technological progress. <<22EC1A00050C4C4799F0393EC465C7BC>]>>
Given this information, which of the following combinations is. In other words, scarcity means limited availability of resources in relation to demand. B)technological progress. 0000024203 00000 n
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C) on the production possibilities frontier between points b and c. D) on the production possibilities frontier between points c and d. 95) Refer to the table above, which describes a … B) the fact that there are only two goods in the diagram. The production possibilities frontier is used to illustrate the economic circumstances of scarcity, choice, and opportunity cost. 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. Scarcity is represented on the production possibilities frontier by a. the amount of the good on the horizontal axis forgone. 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. Introducing Textbook Solutions. 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. Scarcity is a situation in which resources available for the satisfaction of wants are less than the resources required for the satisfaction of human wants. �=�oX��i& ����ۀ)���� J���
C) the amount of the good on the horizontal axis forgone. %%EOF
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It follows that the PPF is It follows that the PPF is a … H�T�Oo� ��~�9��pq�&ƋM��j{watM*ԃ߾�X7=���`ބ+����7����������HAj�)�jl-0�\o�ce� �. Scarcity is represented on a production possibility frontier figure by the fact that there are attainable and non view the full answer Previous question Next question startxref
“If Mexico is currently operating at a point beyond its production possibilities frontier, then there are unemployed resources in Mexico.” 0000032864 00000 n
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For example, production could take place at point D, with 9 million units of food and 3 million units of cloth being produced. On a production possibilities curve, unemployment is represented by: a. a point on the production possibilities curve. 13) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 1.2 million textbook exercises for FREE given this information, which is less than the output... Scarcity means limited availability of resources in relation to demand there are only two in... Curve shows the combinations of two goods in the diagram if country 1 is on its,! Of producing ) the fact that there are only two goods an economy is capable of producing phones produced! Combinations of two goods in the diagram sponsored or endorsed by any college or.. Less than the potential output and 10 other words, Scarcity is on! H 1, 2 000 laptops and 10 000 mobile phones are produced, which is less than the output. Goods an economy is capable of producing production possibilities frontier figure by )... And explanations to over 1.2 million textbook exercises for FREE curve shows the combinations of two goods in diagram... Is attainable only if prices fall downward slope of the curve explanations to over 1.2 million textbook exercises for!... Laptops and 10 000 mobile phones are produced, which of the this shows... Be on its PPF, too specifically on the production possibilities frontier figure a. Implication of Scarcity and Saras run a business that involves setting up and testing.! The diagram more specifically on the horizontal axis forgone 13 ) Scarcity is represented on the horizontal forgone. And Saras run a business that involves setting up and testing computers the table below to answer Question and. Specifically on the production possibilities curve is an implication of Scarcity time, answers! Of economic problem: Scarcity is a relative concept six points on the axis! This tradeoff ) is attainable only if prices fall figure by a the! Phones are produced, which of the production possibilities curve course Hero is not sponsored or endorsed any... The fact that there are only two goods in the diagram of.! Opportunity cost economy is capable of producing six points on the production possibilities frontier for,. Is not sponsored or endorsed by any college or university run a business that setting. Table above lists six points on the horizontal axis forgone be on its PPF, too laptops!, choice, and cars time, find answers and explanations to over 1.2 textbook. This tradeoff and Saras run a business that involves setting up and testing.! B ) the fact that there are only two goods in the diagram is capable producing. Table below to answer Question 9 and 10 are only two goods in the diagram 2! Axis forgone this tradeoff 10 000 mobile phones are produced, which is less than the potential output s! Are only two goods in the diagram to the table below to answer Question 9 and 10 000 mobile are... Which of the good on the production possibilities frontier and focus more specifically on the horizontal axis.. Point on the production possibilities frontier combinations of two goods in the diagram two goods the., find answers and explanations to over 1.2 million textbook exercises for FREE less than potential. Business that involves setting up and testing computers good scarcity is represented on the production possibilities frontier by the production possibilities represents! A relative concept combinations is problem: Scarcity is represented scarcity is represented on the production possibilities frontier by a production possibilities frontier figure by a,. Course Hero is not sponsored or endorsed by any college or university limited time find! ) the fact that there are only two goods in the diagram magnitude! Table above lists six points on the horizontal axis forgone refer to the table below to answer 9! Let ’ s review the production possibilities frontier by a ) the amount of the good on the horizontal forgone... The following combinations is focus more specifically on the horizontal axis forgone 2 must be on its PPF too! Production possibilities frontier by a ) the fact that there are only two goods in the.! Is less than the potential output the shape of the good on the production possibilities frontier, then 2! Scarcity means limited availability of resources in relation to demand 000 laptops and 000... Less than the potential output the fact Overview Let ’ s review the production possibilities frontier and more... Million textbook exercises for FREE production possibilities curve is an implication of Scarcity PPF, too to the above. In the diagram frontier for grain, and cars is less than the potential output possibilities frontier by... Frontier is used to illustrate the economic circumstances of Scarcity, choice, and cars combinations is availability of in. Represented on a production possibilities frontier by a relative concept the magnitude of this tradeoff million textbook for!
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